Kimbal Musk, the younger brother of Elon Musk and a Tesla Inc. board member, sold $25.6 million of shares in the electric carmaker, according to a filing with the US Securities & Exchange Commission.
The 48-year-old sold 30,000 shares on Feb. 9 at an average price of $852.12, according to the filing. Tesla shares dropped 5.3 per cent Wednesday to close at $804.82. Tesla soared 743 per cent in 2020 and is up a further 14 per cent this year.
The transaction reduced his holding to 599,740 Tesla shares, which amounts to $483 million. Tesla insiders hold a 19.6 per cent stake in the company, according to data compiled by Bloomberg. Kimbal Musk is a chief executive officer and co-founder of the Kitchen Restaurant Group.